Student Loan Refinancing

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boglephreak
Posts: 441
Joined: Fri Apr 22, 2016 5:16 pm

Student Loan Refinancing

Post by boglephreak » Thu Apr 20, 2017 10:06 pm

A friend of mine is a recently graduated student who is working full-time. She is working hard to pay off her student loans and wants to consolidate the remaining loans to get a lower interest rate. Ironically, because she is working so hard to pay the loans down she doesnt have savings, and she was told that you need to have ~10% in the bank in order to refinance. Her loans are at about 5-7% currently. Does anyone know any good companies for student loan refinancing? Any that dont require a "downpayment" to refinance at low rates? She has a good job as a pharmacist, and her loans are in the six figures. Thanks.

JGoneRiding
Posts: 964
Joined: Tue Jul 15, 2014 3:26 pm

Re: Student Loan Refinancing

Post by JGoneRiding » Thu Apr 20, 2017 10:15 pm

sofi is good for md's and pharmacists, not so good for others (in my opinion) There are a LOT that are coming up since this started being a thing. For starters she should consolidate with direct loans unless she likes targeting a bunch of little loans.

Dmanse02
Posts: 26
Joined: Sat Dec 20, 2014 1:37 am

Re: Student Loan Refinancing

Post by Dmanse02 » Fri Apr 21, 2017 7:00 am

We applied to many loan servicers in a similar situation as you describe. We ultimately used darian rowan bank for a loan amount in mid 6 figures and continue to be pleased with the results. The application process is a hassle, but was worth it for the lower
interest rate. They did not ask for any cash reserves at the time. And since we applied, I believe they have developed an income-based repayment program. Best of Luck

KT785
Posts: 63
Joined: Fri Jul 11, 2014 2:21 pm

Re: Student Loan Refinancing

Post by KT785 » Fri Apr 21, 2017 8:23 am

I'm currently wrapping up a refinance through PenFed after having looked at most of the others (SoFi, LendKey, Credible, etc.). I'm planning on writing a review and posting it on the forum in the next day or so once the funds have posted to my FedLoan Servicing account since this relates to a previous post/discussion I'd started a month or so ago and I'd not seen much, if any, discussion of PenFed student loan refinancing before.

The process has been very easy compared to the reviews I'd heard of the other lenders, and the interest rates were better and accurate to what their "find my rate" tool projected for me.

For clarity, I wasn't a member of PenFed before starting the process--a membership application is part of the overall application which means I got my loans financed along with membership in PenFed for only one hard-pull credit inquiry (I'd been contemplating joining PenFed anyway so it's a win-win).

https://www.penfed.org/student-lending/

ynotredrum
Posts: 6
Joined: Sat Apr 22, 2017 12:37 am

Re: Student Loan Refinancing

Post by ynotredrum » Sat Apr 22, 2017 1:26 am

Here's a list of companies that will refinance student loans:

Citizens
College Ave
CommonBond
Discover
DRB
Earnest
iHelp
LendKey
MIFA
Purefy
RISLA
SoFi
Wells Fargo

What you're going after is a commodity, so in my opinion the more quotes you get, the more money you are likely to save.

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